Define Market segmentation. Explain the basis of market segmentation in Tourism Industry
Market segmentation is a marketing strategy which involves dividing a broad target market into subsets of consumers, businesses, or countries who have, or are perceived to have, common needs, interests, and priorities, and then designing and implementing strategies to target them. Market segmentation strategies are generally used to identify and further define the target customers, and provide supporting data for marketing plan elements such as positioning to achieve certain marketing plan objectives. Businesses may develop product differentiation strategies, or an undifferentiated approach, involving specific products or product lines depending on the specific demand and attributes of the target segment.
Travel and tourism are important industries in many countries, providing both economic growth and employment . According to World Tourism Organization (UNWTO, 2013a) tourism has become one of the major players in international commerce. This growth goes hand in hand with increasing competition among destinations as well as diversification in tourism offerings. Organizations such as tourism businesses search for competitive advantage to survive in the global marketplace and the success of an organization is heavily dependent on its
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